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Russian oil industry to continue to overcome sanctions — Novak

Alexander Novak emphasized that the oil sector accounts for over 10% of Russia’s GDP and approximately 20% of the federal budget

MOSCOW, April 1. /TASS/. Russia’s oil industry will continue to withstand extensive sanctions thanks to its technological leadership, Deputy Prime Minister Alexander Novak said.

"We are confident that our oil industry, as a leader in the field, is successfully managing the challenges it faces today and will continue to do so. This includes numerous sanctions, and given our technological leadership, our companies will be able to address these challenges," he was quoted by the government’s press service.

The deputy prime minister emphasized that the oil sector accounts for over 10% of Russia’s GDP and approximately 20% of the federal budget. According to him, the government’s primary objectives include ensuring that the domestic market is supplied with the necessary volumes of petroleum products. Additionally, maintaining Russia’s presence in global markets and preserving its leading positions remain key priorities.

Novak also underscored the need to attract investments for infrastructure development in Russia’s oil-producing regions, as well as for advancing new technologies, which would enable the country to export domestic solutions to international markets.

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